中国金融学术研究网

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The China-U.S. Equity Valuation Gap

认领作者认领作者管理权限

发布日期：2023年11月15日上次修订日期：2023年11月15日

Geert Bekaert 暂无暂无 Shuojia Ke 暂无暂无 Xue Wang 暂无暂无 Xiaoyan Zhang zhangxiaoyan@pbcsf.tsinghua.edu.cn 暂无

摘要

The Chinese earnings yield differential relative to the U.S. switches from negative to positive around 2009, with the aggregate variation masking substantial cross-sector variation. Changes in sectoral composition and (changing) growth expectations are not important determinants of the variation in China-U.S. valuation differentials. Instead, changes in ownership structure, and most importantly cross-sectional and temporal variation in financial openness, are the key contributors. In addition, we show that IPOs in the banking sector and its internationalization played a critical role in the (relative) valuation change.

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关键词：

Chinese stock valuation market integration financial development earnings yields speculative trading growth expectations emerging market discount

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